The global metalworking fluids market reached a value of US$ 9.46 Billion in 2020. IMARC Group expects the market to grow at a CAGR of 5.1% during 2021-2026.

SHERIDAN, WYOMING, UNITED STATES, October 13, 2021 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled “Metalworking Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global metalworking fluids market size reached US$ 9.46 Billion in 2020. Metalworking fluids (MWFs) comprise a wide range of oils and other liquids utilized in the functioning of metal pieces of machinery during industrial operations. They reduce friction and heat and prevent burning and smoking, which is generated between cutting tools and workpieces. They assist in extending the tool life, improving the performance and quality of the workpiece, minimizing the chances of wear and tear and delivering a superior surface finish for the welding process. Consequently, MWFs are extensively used around the world in mechanical workshops for cutting and shaping metals.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Global Metalworking Fluids Market Trends:

Significant growth in the automotive sector on account of the growing global population and inflating disposable incomes represents one of the key factors catalyzing the demand for MWFs across the globe. MWFs are utilized in metal removal, chemical protection and treatment, and enhancing the overall service life of the tool. Apart from this, a considerable shift from conventional metal alloys to stainless steel, titanium, and aluminum are driving the sales of MWFs further. Additionally, original equipment manufacturers (OEM) are conducting research and development (R&D) activities to generate higher volumes of metal components and ensure energy efficiency in equipment. This, in confluence with the growing consumer expenditure on vehicle modifications, is acting as another growth-inducing factor. Looking forward, the market value is projected to reach US$ 12.74 Billion by 2026, expanding at a CAGR of 5.10% during the forecast period (2021-2026).

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Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.

BP
Chevron
Houghton International
ExxonMobil
Total S.A.
Apar
Hindustan Petroleum Corporation Limited
Castrol Limited
Indian Oil Corporation Limited
Lubrizol
Gazprom
Pertamina
Columbia Petro
PETRONAS Lubricants International
Quaker Chemical Corporation

Metalworking Fluids Market Segmentation:

Our report has categorized the market based on region, product type, source, end use, fluid type and industry.

Market Breakup by Product Type:

Removal Fluids
Forming Fluids
Protection Fluids
Treating Fluids

Market Breakup by Source:

Mineral
Synthetic
Bio-Based

Market Breakup by End Use:

Transportation Equipment
Machinery
Primary Metals
Fabricated Metal Products
Metal Cans
Others

Market Breakup by Fluid Type:

Neat Cutting Oils
Water Cutting Oils
Soluble Cutting Oils
Semi-synthetic Cutting Oils
Synthetic Cutting Oils
Corrosion Preventive Oils
Others

Market Breakup by Industry:

Construction
Electrical and Power
Agriculture
Automobile
Aerospace
Others

Breakup by Region:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

Market Performance (2015-2020)
Market Outlook (2021-2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

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